Disney's Q1 Earnings Fall on Higher Programming Costs at ESPN

Media giant Walt Disney Co. posted lower earnings on Tuesday, due in part to higher programming costs for its ESPN sports division.

Net income fell 6 percent to $1.38 billion from $1.46 billion. Net income per share fell 4 percent to 77 cents a share from 80 cents a share for the company's fiscal first quarter. Revenues rose 5 percent to $11.3 billion from $10.78 billion last year.

The company said operating income at its cable networks decreased $15 million to $952 million for the quarter due to a decrease at ESPN, partially offset by growth at its Disney Channel, ABC Family and A&E Television Networks.